Goodman Picks Up Seattle Medical Dental Building

The Medical Dental Building at 509 Olive Way in Seattle has traded hands as Seattle-based Goodman Real Estate, Inc. takes over the property. HFF worked on behalf Goodman Real Estate to secure a $69.5 million 20-year, fixed-rate loan with AXA Equitable Life Insurance Company through its advisor Quadrant Real Estate Advisors, according to a GlobeSt.com report. Terms of the deal were not disclosed, though it is known that Goodman previously purchased the property in August 2005 for $38 million from Harsch Investment Properties. The building is currently 97% leased to more than 150 tenants, primarily private medical and dental practices.

The 18-story Medical Dental Building between 5th and 6th Avenues in downtown Seattle was originally constructed in 1925 and expanded in 1950. In 2008, the building underwent an extensive rehabilitation and today offers tenants state-of-the-art office suites, valet parking services, a Winter Garden and more. "The Medical Dental Building is such a unique asset due to its location and tenant base," said HFF managing director Casey Davidson. "Most of the tenants are family-owned medical practices that pass down through generations due to loyal customers who love the building's location, valet parking and proximity to transportation, including bus and rail lines. Some tenants have been in the building more than 40 years."

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Newport Tower Sold for Landmark $377.5M Pricetag

Brookfield Office Properties announced that it had successfully sold the Newport Tower office building in Jersey City, New Jersey for $377.5 million, making it the largest single office asset transaction in New Jersey history. Multi-Employer Property Trust (MEPT) bought the 36-story, 1.1-million-square-foot office building with advisement from Bentall Kennedy; CB Richard Ellis represented Brookfield in the transaction.

"This was the optimal time to monetize this mature asset, having achieved opportunistic returns for us and our fund partners," said Dennis Friedrich, president and global chief investment officer of Brookfield Office Properties. "During our six-year period of ownership and management, we were able to successfully lease-up, stabilize, and incorporate sustainable strategies in the building to significantly increase value."

Brookfield originally acquired the building as part of a $7.6 billion purchase of Trizec in 2006. The building was reportedly 89% leased at the time of sale with major tenants including BNP Paribas and AXA Equitable.

For more news and information visit Blumberg Capital Partners.